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Can you get rich quickly from forex trading?

  • #341
  • Sep 29, 2018 10:31am Sep 29, 2018 10:31am
Quoting Graviton
I have never heard of anyone getting rich quick in Forex. It may have happened somewhere sometime, but it is certainly very rare. More often, it takes 5 to 10 years to be profitable at all. Most will go broke long before that.
Exactly, making profit from 1-2 trade is very easy but being a consistent player is the most challenging job. As like you mentioned, it takes more than 5 years.
  • #342
  • Sep 30, 2018 11:43pm Sep 30, 2018 11:43pm
Quoting GeorgeBaile
{quote} Exactly, making profit from 1-2 trade is very easy but being a consistent player is the most challenging job. As like you mentioned, it takes more than 5 years.
Absolutely correct! till the time you don't have consistency in your results, you are not a successful trader.
  • #343
  • Oct 1, 2018 6:45am Oct 1, 2018 6:45am
Quoting GeorgeBaile
{quote} Exactly, making profit from 1-2 trade is very easy but being a consistent player is the most challenging job. As like you mentioned, it takes more than 5 years.
True. I know people who needed over ten years to become marginally profitable. They did succeed, eventually, but it was a long and rocky road.
  • #344
  • Oct 5, 2018 4:02am Oct 5, 2018 4:02am
Quoting mlawson71
{quote} True. I know people who needed over ten years to become marginally profitable. They did succeed, eventually, but it was a long and rocky road.
Yes, but unfortunately a number of traders expecting quick success here. Even, less than 10 months! That’s why, more than 90% are losers.
  • #345
  • Oct 11, 2018 11:33pm Oct 11, 2018 11:33pm
Quoting GeorgeBaile
{quote} Yes, but unfortunately a number of traders expecting quick success here. Even, less than 10 months! That’s why, more than 90% are losers.
Absolutely true, patience is one of the most important element of success in forex trading.
  • #346
  • Oct 12, 2018 3:09am Oct 12, 2018 3:09am
Keep the risk low is my advice.
So many people have losing trades and then increase the risk on subsequent positions and that`s the beginning of the end.

Watching trades is a killer too. If you set it up correctly there really is no need to watch.
  • #347
  • Oct 12, 2018 4:31am Oct 12, 2018 4:31am
Quoting mlawson71
{quote} True. I know people who needed over ten years to become marginally profitable. They did succeed, eventually, but it was a long and rocky road.
Quick learner and mistake over-comer can shorten the 10-years time. may become consistent in less than 4 years.
  • #348
  • Oct 12, 2018 8:56am Oct 12, 2018 8:56am
Quoting Victory9
{quote} Quick learner and mistake over-comer can shorten the 10-years time. may become consistent in less than 4 years.
Not everyone are quick learners, different people learn at different pace. The important thing is to learn eventually.
  • #349
  • Oct 17, 2018 8:18am Oct 17, 2018 8:18am
Quoting Madison
{quote} Absolutely true, patience is one of the most important element of success in forex trading.
Yes mate; this is why I don’t lose my momentum when I am not sure on the trend status! I always wait for a good opportunity.
  • #350
  • Oct 18, 2018 8:18am Oct 18, 2018 8:18am
Quoting mlawson71
{quote} Not everyone are quick learners, different people learn at different pace. The important thing is to learn eventually.
Learning Forex within very short time, it’s completely impossible, so gradually improve learning ability is a good decision, but generally for earning profit rapidly we hurry when learning , it destroys our normal mentality. So, leave it.
  • #351
  • Oct 18, 2018 9:58am Oct 18, 2018 9:58am
Quoting AdamCrist
{quote} Learning Forex within very short time, it’s completely impossible, so gradually improve learning ability is a good decision, but generally for earning profit rapidly we hurry when learning , it destroys our normal mentality. So, leave it.
Who knows, maybe some people do learn quickly. But those individuals are the exceptions and the outliers, not the majority of traders.
  • #352
  • Oct 22, 2018 3:31pm Oct 22, 2018 3:31pm
Quoting MetaTraderR
{quote} Well said low risk is the key to survival in trading,you want to have something to fallback on when things dont go as you plan
Risk comes in many forms, not only leverage, which I presume you suggest. In fact I would argue, focusing on low leverage you are actually potentially increase your risk. Digest that
  • #353
  • Nov 8, 2018 4:07am Nov 8, 2018 4:07am
Quoting mlawson71
{quote} Who knows, maybe some people do learn quickly. But those individuals are the exceptions and the outliers, not the majority of traders.
that's true, high chances come from those who have strong finance background, they will be able to understand Forex easily in short time. I agree it's rare.
  • #354
  • Nov 8, 2018 9:16am Nov 8, 2018 9:16am
Quoting tyrakay
{quote} Risk comes in many forms, not only leverage, which I presume you suggest. In fact I would argue, focusing on low leverage you are actually potentially increase your risk. Digest that
True. According to official statistics released by the Australian regulator ASIC (which they compiled after they surveyed the clients of 57 different brokers), people take risks and lose money for many reasons - client profits are inconsistent with marketing materials; risk management practices for client money are outdated; some referral arrangements may be in breach of selling prohibitions and last but not least that some brokers are providing wholesale services or allowing third parties to ‘white label’ their products without operational capital to supervise counterparties and support their exposures.

In other words, forex trading is a mess for most retail traders.

Quoting Victory9
{quote} that's true, high chances come from those who have strong finance background, they will be able to understand Forex easily in short time. I agree it's rare.
I don't know any traders who have economic-related education, so I don't have an opinion on the matter. Do you know any?
  • #355
  • Dec 24, 2018 2:44am Dec 24, 2018 2:44am
Quoting mlawson71
{quote} Who knows, maybe some people do learn quickly. But those individuals are the exceptions and the outliers, not the majority of traders.
What you think , within very short time there is any chance to learn Forex properly ?
how much time you passed for learning as a new Forex trader.
  • #356
  • Dec 24, 2018 3:10am Dec 24, 2018 3:10am
I am sure it has been answered many times already but I will give my two cents here as well:

Yes, you can get rich quickly but you have to start off your learning process the right way from the start, learn everything intensively (and again, the correct things) day in and day out, have a big capital so when you have a successful trade and you compound your winnings, and be consistent and trade many high probability setups in smaller time frames, and few other factors.

How many achieve that? Very, very few people so I suggest learning the right things in Forex from the start (i.e. what liquidity is, orderflow, etc.) and then you will be able to have high returns even with a small account and once you start compounding, you will be able to achieve fantastic results.

But that is the best case scenario.
  • #357
  • Dec 24, 2018 4:58am Dec 24, 2018 4:58am
Quoting AdamCrist
{quote} What you think , within very short time there is any chance to learn Forex properly ? how much time you passed for learning as a new Forex trader.
That depends on your definition of "short time" in this context. Some people begin prifiting within a year, but they are the exceptions, not the rule. It took me several years to get my bearing as a trader, let alone become profitable. Every person is different.
  • #358
  • Dec 26, 2018 4:37am Dec 26, 2018 4:37am
Quoting BasicConcept
I am sure it has been answered many times already but I will give my two cents here as well: Yes, you can get rich quickly but you have to start off your learning process the right way from the start, learn everything intensively (and again, the correct things) day in and day out, have a big capital so when you have a successful trade and you compound your winnings, and be consistent and trade many high probability setups in smaller time frames, and few other factors. How many achieve that? Very, very few people so I suggest learning the right things...
Well said! No way to ignore your points; basically, which traders try to make quick money; they make quick out from this trading industry.
  • #359
  • Dec 27, 2018 2:29pm Dec 27, 2018 2:29pm
There are many that make big money quickly, the problem is they are not consistent, and end up losing it all.
  • #360
  • Jan 1, 2019 8:34pm Jan 1, 2019 8:34pm
Forex is not a get rich quick scheme, be patient and use logic and not emotion and you will have a lifelong opportunity
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